Equity Research in HK and Mainland China

Li Tang

Thematic (Sector/Industry)

<ul>
<li>The National Association of Financial Market Institutional Investors (NAFMII), held a discussion meeting joined by representatives from real estate developers.</li>
<li>The meeting could signal that regulators might ease domestic bond issuance for developers.</li>
<li>We believe that the market has been over-pessimistic on the real estate sector.</li>
</ul>


The National Association of Financial Market Institutional Investors (NAFMII), held a discussion meeting joined by representatives from real estate developers.
The meeting could signal that regulators might ease domestic bond issuance for developers.
We believe that the market has been over-pessimistic on the real estate sector.


Developers Said To Plan Raising Funds Through Interbank Debt Issuance

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

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Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-7613'>China Aoyuan Property</a></li><li><a href='#lucror-entity-22722'>Pt Cikarang Listrindo Tbk</a></li><li><a href='#lucror-entity-810'>Melco Resorts & Entertainment</a></li><li><a href='#lucror-entity-31037'>Sino-Ocean Service</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</a></li><li><a href='#lucror-entity-8085'>Times China</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China Aoyuan PropertyPt Cikarang Listrindo TbkMelco Resorts & EntertainmentSino-Ocean ServiceSunac China HoldingsTimes China

Morning Views Asia: China Aoyuan Property, Pt Cikarang Listrindo Tbk, Melco Resorts & Entertainment

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-2036'>Central China Securities</a></li><li><a href='#lucror-entity-7613'>China Aoyuan Property</a></li><li><a href='#lucror-entity-1632'>Gajah Tunggal</a></li><li><a href='#lucror-entity-14882'>Seazen (Formerly Future Land)</a></li><li><a href='#lucror-entity-8085'>Times China</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Central China SecuritiesChina Aoyuan PropertyGajah TunggalSeazen (Formerly Future Land)Times China

Morning Views Asia: Central China Securities, China Aoyuan Property, Gajah Tunggal

<ul>
<li>Property lending has reportedly improved significantly in both mom and yoy terms in October, with a preliminary estimates ranging from 150-200bn yuan increase on top of the September level.</li>
<li>Shenzhen recently announced the third and final batch of land parcels for sale this year.</li>
</ul>
<ul>
<li>We see this as policy finetuning, rather than a broad easing</li>
<li>
<div>We see a short-term opportunity to buy high-quality, low leveraged developers in advance of further calibrated policy support.Longer-term investors are advised to look at developers with the potential of realising higher valuation by listing property management units, as has been done by other developers.</div>
</li>
</ul>


Property lending has reportedly improved significantly in both mom and yoy terms in October, with a preliminary estimates ranging from 150-200bn yuan increase on top of the September level.
Shenzhen recently announced the third and final batch of land parcels for sale this year.


We see this as policy finetuning, rather than a broad easing

We see a short-term opportunity to buy high-quality, low leveraged developers in advance of further calibrated policy support.Longer-term investors are advised to look at developers with the potential of realising higher valuation by listing property management units, as has been done by other developers.



Property Developer Dollar Bond Issuances Shrink, Shenzhen Tweaks Land Auction Rules

In this month’s "In-Focus" section, we discuss the crisis of confidence in the Chinese property sector. The current situation was precipitated by a series of events, beginning with the introduction of the Three Red Lines policy in 2020. We also provide an overview of recent bond defaults. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s "In-Focus" section, we discuss the crisis of confidence in the Chinese property sector. The current situation was precipitated by a series of events, beginning with the introduction of the Three Red Lines policy in 2020. We also provide an overview of recent bond defaults.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Chinese Property - Crisis Of Confidence - Lucror Analytics

Hong Kong

Shimao Property Holdings Limited develops real estate projects in China.

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Shimao Property Holdings (813 HK)

Developers Said To Plan Raising Funds Through Interbank Debt Issuance

We believe that the market has been over-pessimistic on the real estate sector. The meeting could signal that regulators might ease domestic bond...

Li Tang

Morning Views Asia: China Aoyuan Property, Pt Cikarang Listrindo Tbk, Melco Resorts & Entertainment

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Morning Views Asia: Central China Securities, China Aoyuan Property, Gajah Tunggal

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Property Developer Dollar Bond Issuances Shrink, Shenzhen Tweaks Land Auction Rules

We see a short-term opportunity to buy high-quality, low leveraged developers in advance of further calibrated policy support

Li Tang

Asia HY Monthly - Chinese Property - Crisis Of Confidence - Lucror Analytics

In this month’s "In-Focus" section, we discuss the crisis of confidence in the Chinese property sector. The current situation was precipitated by...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)